Bank of America Corporation $BAC Stake Boosted by Evermay Wealth Management LLC

Evermay Wealth Management LLC increased its position in shares of Bank of America Corporation (NYSE:BAC) by 5.4% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 9,181 shares of the financial services provider’s stock after purchasing an additional 471 shares during the quarter. Evermay Wealth Management LLC’s holdings in Bank of America were worth $434,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Nova Wealth Management Inc. lifted its stake in Bank of America by 75.2% in the second quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock valued at $25,000 after buying an additional 227 shares during the last quarter. RMG Wealth Management LLC bought a new stake in shares of Bank of America during the second quarter valued at about $28,000. CGC Financial Services LLC raised its stake in shares of Bank of America by 585.4% during the second quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 521 shares in the last quarter. Acima Private Wealth LLC bought a new stake in shares of Bank of America during the second quarter valued at about $33,000. Finally, Cloud Capital Management LLC bought a new stake in shares of Bank of America during the first quarter valued at about $40,000. 70.71% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of brokerages recently weighed in on BAC. Piper Sandler lifted their price objective on shares of Bank of America from $50.00 to $55.00 and gave the company a “neutral” rating in a research note on Thursday. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Bank of America from $56.00 to $58.00 and gave the company a “buy” rating in a research note on Tuesday, September 30th. Barclays lifted their price objective on shares of Bank of America from $54.00 to $59.00 and gave the company an “overweight” rating in a research note on Thursday. TD Cowen lifted their price objective on shares of Bank of America from $59.00 to $61.00 and gave the company a “buy” rating in a research note on Thursday. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Bank of America in a report on Wednesday, October 8th. Twenty-one research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $57.29.

Insiders Place Their Bets

In related news, insider James P. Demare sold 148,391 shares of Bank of America stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $45.57, for a total value of $6,762,177.87. Following the transaction, the insider owned 223,407 shares of the company’s stock, valued at approximately $10,180,656.99. This trade represents a 39.91% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.30% of the company’s stock.

Bank of America Price Performance

NYSE:BAC opened at $51.28 on Monday. The business’s 50-day moving average price is $50.11 and its 200 day moving average price is $45.88. The firm has a market cap of $379.83 billion, a P/E ratio of 13.97, a PEG ratio of 1.95 and a beta of 1.33. Bank of America Corporation has a 52-week low of $33.06 and a 52-week high of $52.88. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12.

Bank of America (NYSE:BAC) last released its earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.93 by $0.13. The firm had revenue of $28.09 billion for the quarter, compared to analyst estimates of $27.05 billion. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.Bank of America’s revenue was up 10.8% compared to the same quarter last year. During the same period in the previous year, the company earned $0.81 earnings per share. As a group, sell-side analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 26th. Investors of record on Friday, September 5th were paid a $0.28 dividend. The ex-dividend date of this dividend was Friday, September 5th. This represents a $1.12 dividend on an annualized basis and a yield of 2.2%. This is an increase from Bank of America’s previous quarterly dividend of $0.26. Bank of America’s dividend payout ratio (DPR) is 30.52%.

Bank of America declared that its Board of Directors has authorized a share buyback program on Wednesday, July 23rd that authorizes the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to buy up to 11.1% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s management believes its stock is undervalued.

About Bank of America

Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.